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Why new Canadian housing rule is 'political lip service'

Rapidly rising house prices in Canada’s biggest markets is locking out a growing number of first-time home buyers.

The federal government announced a new foreign buyers tax to help bring more supply onto the market, but some question its effectiveness in bringing prices down.

We’ve been getting monthly updates from the ground floor from Realosophy Realty’s John Pasalis and Oakwyn Realty’s Steve Saretsky, who help make sense of it all, with advice for anyone buying or selling a home.

They shared their thoughts on where they see the markets going and why the new rule is a case of smoke and mirrors.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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